The drop in imports value was driven by the decrease in some imports’ value
According to Zawya, Dubai’s business and finance news article on October 13, 2022, Egypt’s trade balance deficit slipped by 28.7% to $2.7 billion in July 2022, versus $3.8 billion in the same month of 2021, the Central Agency for Public Mobilization and Statistics (CAPMAS) announced in a press release on October 11th.
The value of Egyptian exports increased by 2.2% year-on-year (YoY) to $3.13 billion in July 2022 from $3.07 billion, the CAPMAS added.
The agency attributed this growth in exports to higher values of some goods, including petroleum products by 89.4%, fertilizers by 6.7%, plastics in primary forms by 3.4%, and fresh fruits by 11.4%.
On the other hand, the value of some exports dropped in July, topped by crude oil and ready-made clothing that fell by 30.5% and 0.1%, respectively.
Meanwhile, the value of Egypt’s imports amounted to $5.81 billion last July, declining by 14.8% from $6.82 billion in the corresponding month of 2021.
The drop in imports value was driven by the decrease in some imports’ value, including raw materials of iron or steel by 13.3%, pharmaceutical products by 24.1%, crude oil by 40%, and soybean by 33.5%.
However, the value of some imports rose in July, such as petroleum products, plastics in primary forms, and corn which jumped by 597.9%, 11.4%, and 3.4%, respectively.
